Legality of wholesaling in Connecticut.

[John Fenny]

I know there a post about this all over the place, but I haven't found too many in regards to Connecticut and I want to find specific information.

I know there are people wholesaling in Connecticut, some of whom do not have a license, yet they are doing it anyways. From what I've read, this is because if you have a contract to purchase, and then assign the contract. People say it is legal by a) you have equitable interest in the house by putting it under contract, therefore you have the right to market it, and b) you're not really selling a house, you're selling the contract. Anyways, people come up with all sorts of ways to get around it. My question is there a way, in Connecticut, where you really can do what's stated above, without a license, legally? (Without ACTUALLY buying it yourself first, because I'm 21 and don't have money like that laying around.... yet ;) ) if so, how are they doing it.

Also, I'm looking to get licensed either way. I just know that takes a little bit of time and I want to possibly start closing deals before then. Can anyone recommend the best school/classes to get licensed in CT? Preferably online.

Thanks for the help!

[Rick Santasiere]

@John Fenny.  There is a crash RE course in MA, and CT and MA are reciprocal license states.  There are pros and cons and I would be happy to share my opinions with you.  As far as the wholesaling question, I too felt a lot like @Mark McClure in regards to taking advantage of people, but I have started to loosen up my thoughts in relation to the service they provide.  At first, it absolutely seems as if a wholesaler can be viewed as someone trying to "steal" a house from someone, but there are so many variables involved, that I didn't quite see years ago (when I felt that wholesaling should NOT be legal).  A wholesaler can actually help someone in desperate need for so many reasons.  There are some homeowners that are just not savvy enough with financing, mortgage, tax liens, to navigate a potential foreclosure (as an example). There are times where there is considerable equity in a property, and the owner loses it to foreclosure, which is sad. Offering someone cash before that happens and clearing their debt up can be one area of assistance. I could spend hours discussing different ways that a wholesaler can truly help in regards to death, taxes, health, etc, but I won't.  I will say however, there are wholesalers who are NOT doing the right thing, and are playing in the "gray area" of legality.  Those people will not last and will lose credibility quickly.  My hope is they do not take advantage of someone who truly needs the assistance.  If you are thinking of wholesaling, get a mentor for sure. If you are getting licensed as a real estate agent (good for you!!), you probably should not mix the two for serious liability concerns.  Once you are licensed, you are held to a much different standard in the community as Mark and I are.  My$.02